Footwear Market is expected to reach USD 278860.7 Million in terms of Revenue

According to a new market report published by Transparency Market Research “Footwear Market (By Type: Athletic Footwear, Non-Athletic Footwear; By End Use: Men’s Footwear, Women’s Footwear, Kids Footwear; By Material: Rubber, Plastic, Others; By Distribution Channel: Online Channel, Shoe Stores, Supermarkets and Hypermarkets, Independent Retail Stores, Textile Retailers, Departmental Stores) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017-2025,” in terms of revenue, global footwear market was valued at USD 215709.0 Million in 2016, and is expected to reach USD 278860.7 Million by 2025, registering CAGR of 3.0% during the period from 2017 to 2025. However, in terms of volume, global footwear market was valued at 10268.4 Million Units in 2016, growing at a CAGR of 2.5% from 2017 to 2025 to account for 12697.5 Million Units by 2025.

North America accounted for the dominant share in the global footwear market in terms of revenue The U.S. is projected to be the most attractive regional market for footwear during the forecast period and accounted for major share of the footwear market in North America in 2016. The major reason is attributed to increasing focus on health and fitness activities, fashion consciousness, rapid expansion of footwear industry and availability of wide variety of shoes at affordable prices. Moreover, increasing tendency among men and women to incorporate athletic footwear in daily life is likely to increase the growth of footwear market in this country during the forecast period.

In terms of volume, Asia Pacific led the market for footwear in 2016. China is projected to be the most attractive regional market for footwear during the forecast period and accounted for major share of the footwear market in Asia Pacific in the same year. The growth of the footwear market in China is mainly driven by rising population and increasing disposable income of consumers, entrance of foreign players, changing lifestyle, rising demand for sportswear and casual shoes and intensification in retail culture among others. Moreover, factors such as hosting of international sports events, rapid development of the economy and rising media exposure are likely to propel the demand for footwear in this country.

The footwear market in Europe is projected to expand significantly during the forecast period. Both by revenue and volume, Russia held the largest market share in 2016. Due to changing weather conditions in different seasons, there is a tendency among Russians to purchase several pairs of different types of shoes. These factors are likely to increase the development of footwear market in Russia during the forecast period. Moreover, there has been an increase in consumer preference towards emerging fashion trends, which is expected to support strong growth in both men’s and women’s footwear.

The footwear market in Latin America, Middle East and Africa is likely to witness moderate growth during the forecast period. Latin America is expected to be the largest market for footwear in 2016, both in terms of revenue and volume. In order to meet the increasing demand for footwear, key players in Latin America are continuously involved in launching new collections which offers a larger number of models and trendier items. Moreover, severe marketing strategies and advertising investments are carried out by international brands on a regular basis, which in turn, enhances fashion awareness among consumers. In addition, increasing athletic activities in Brazil is likely to develop the sportswear segment in Latin America to a huge extent.

Africa continued to experience a rapid increase in the general cost of living in 2016, driven by rising electricity and fuel costs. As a result, consumer disposable income declined. Consequently, there was a general increase in demand for value for money in footwear products. This change in consumer behavior significantly resulted in more promotional activities by the major footwear retailers in order to remain competitive and maintain share. Distribution of international brands through various retail outlets is likely to spur the growth of the footwear market in Africa. In addition, entrance of cost-effective footwear products from Asia has significantly benefited consumers having low income.

Factors such as, economic stability, high purchasing power of people and increase in tourist numbers are mainly responsible for the growth of the footwear market in Middle East. Moreover, there has been an increase in arrival of footwear brands and retail specialists coupled with opening of new shopping malls, particularly across UAE in 2016.